投资学 Chapter_001

Outline
• AFTER STUDYING THIS CHAPTER YOU SHOULD BE ABLE TO:
– Define an investment. – Distinguish between real assets and financial assets. – Describe the major steps in the construction of an investment portfolio. – Identify major participants in financial markets. – Identify types of financial markets and recent trends in those markets.
• 威廉· · F 夏普，戈登· 亚历山大，杰弗里· · J· V 贝 利：《投资学》（5th）（中译本，上、下）， 中国人民大学出版社，1998。 • [美]兹维· 博迪，亚历克斯· 凯恩，艾伦· 马科 J· 斯 ：《投资学精要》（4th）,中国人民大学出 版社，2003。 • [美]滋维· 博迪，亚历克斯· 凯恩，艾伦· 马库 J· 斯 ：《投资学》（4th，中译本）,机械工业出 版社，2000。
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– The text will provide you with background in the organization of various securities markets, will survey the valuation and riskmanagement principles useful in particular markets, such as those for bonds or stocks, and will introduce you to the principles of portfolio construction. – Broadly speaking, this chapter addresses three topics that will provide a useful perspective for the material that is to come later. First, before delving into the topic of ―investments,‖ we consider the role of financial assets in the economy.
5- Risk and Return: Past and Prologue 6- Efficient Diversification 7- Capital Asset Pricing and Arbitrage Pricing Theory 8- The Efficient Market Hypothesis 9- Behavioral Finance and Technical Analysis
– For example, an individual might purchase shares of stock anticipating that the future proceeds from the shares will justify both the time that her money is tied up as well as the risk of the investment. – The time you will spend studying this text (not to mention its cost) also is an investment. You are forgoing either current leisure or the income you could be earning at a job in the expectation that your future career will be sufficiently enhanced to justify this commitment of time and effort.
Investments, 8th edition
Bodie, Kane and Marcus
Slides by Susan Hine
McGraw-Hill/Irwin
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
– 18- Performance Evaluation and Active Portfolio Management – 19- Globalization and International Investing – 20- Taxes, Inflation, and Investment Strategy – 21- Investors and the Investment Process
– The investment environment encompasses the kinds of marketable securities that exist and where and how they are bought and sold. – The investment process is concerned with how an investor should proceed in making decisions about what marketable securities to invest in, how extensive the investments should be, and when the investments should be made.
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CHAPTER 1
The Investment Environment
Investments, 8th edition
Bodie, Kane and Marcus
Slides by Susan Hine
McGraw-Hill/Irwin McGraw-Hill/Irwin
Copyright © 2009 by TheCopyright © 2008 The McGraw-Hill Companies,All rights reserved. McGraw-Hill Companies, Inc. Inc., All Rights Reserthe relationship between securities and the ―real‖ assets that actually produce goods and services for consumers, and we consider why financial assets are important to the functioning of a developed economy. – Given this background, we then take a first look at the types of decisions that confront investors as they assemble a portfolio of assets. These investment decisions are made in an environment where higher returns usually can be obtained only at the price of greater risk and in which it is rare to find assets that are so mispriced as to be obvious bargains.
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• In this text we will to study investing in marketable securities. So we should focuses on the investment environment and investment process.
• Part 5: Derivative Markets
– 15- Options Markets – 16- Option Valuation – 17- Futures Markets and Risk Management
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• Part 6: Active Investment Management
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The main references
• William F. Sharpe Gordon J. Alexander Jeffery V. Bailey： Investments, (Fifth or Sixth Ed), Prentice Hall, 1995, 1999. • Zvi Bodie, Alex Kane & Alan.J. Marcus: Investments, 5/8/e. McGraw-Hill Companies, Inc. , 2002；Essentials of Investments, 6/7/e，2008；
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Table of Contents
• Part 1: Elements of Investments
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1- Investments: Background and Issues 2- Asset Classes and Financial Instruments 3- Securities Markets 4- Mutual Funds and Other Investment Companies
• Part 2: Portfolio Theory
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• Part 3: Debt Securities